ting ture al:
r d ds?
The very best Venture funds have consistently out-performed the industry and, of course, it’s everyone’s ambition to invest in the top quartile of these funds. After all, some of the most successful public Corporations such as Apple, Amazon, AOL, Baidu, BusinessObjects (SAP), Cisco, Compaq (HP), eBay, Genentech, Google, Hewlett-Packard, HomeDepot, Informix
(IBM), Intel, Netscape, NetSuite,
Linkedin, Microsoft, Oracle, Salesforce.
com, Skype (Microsoft), Starbucks, Sun Microsystems (Oracle), PayPal (eBay), Yahoo, YouTube (Google) and, privately- held Facebook were all financed by Silicon Valley venture capital funds. The LP investors in these funds realized significant healthy returns while Facebook’s investors continue to realize tremendous value appreciation. David Swensen, the visionary chief investment officer at Yale University, has also realized
great investment success in the alternative asset classes. When he arrived at Yale in 1985, its endowment was worth approximately $1 billion, and today the endowment is worth nearly $17 billion. Swensen increased investments in private equity funds, venture capital, real estate and hedge funds, an investment strategy that was met with some initial skepticism.
Swensen is a big believer in asset allocation and rebalancing. “Asset allocation is the tool that you use to determine the risk and return characteristics of your portfolio. It’s
overwhelmingly important in terms of theresults you achieve.” In numerous speeches, Swensen has championed such alternative investments. He argues that while beating the stock market is almost impossible due to the overwhelming available
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